Permira’s Acquisition of Cisco’s Video Business


Bank of America Merrill Lynch acted as financial adviser to the Permira Funds and provided committed financing; Fried, Frank, Harris, Shriver & Jacobsen LLP and Clifford Chance LLP acted as legal advisor to the Permira Funds. Fenwick represented Cisco in the sale.

Permira, the global private equity firm, and Cisco (NASDAQ: CSCO), today announced that a company backed by the Permira Funds has entered into a definitive agreement to acquire Cisco’s Service Provider Video Software Solutions (SPVSS) business. Following the close of the transaction, the Permira Funds will create a new, rebranded company focused on developing and delivering video solutions for the Pay-TV industry.

The new company will encompass a broad portfolio, including Cisco’s Infinite Video Platform, cloud digital video recording, video processing, video security, video middleware, and services groups. Highly-regarded video industry leader Dr. Abe Peled, former Chairman and CEO of NDS and adviser to the Permira Funds, will serve as Chairman of the new company. The sale of the Cisco SPVSS business has been approved by Cisco’s Board of Directors.

Cisco will retain the video and media technology related to its core business in networking, multi-cloud, security, data, and collaboration. The transaction is expected to close in Cisco’s Q1 FY19, subject to any regulatory approvals and customary closing conditions.

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The company, led by Charles H Robbins, Lewis Tucker and Miyuki Suzuki, in 2017 recorded $48 Million Revenues.

Permira is a global investment firm. Founded in 1985, the firm advises funds with a total committed capital of approximately €32bn and makes long-term investments in companies with the objective of transforming their performance and driving sustainable growth. The Permira funds have made over 200 private equity investments in five key sectors: Consumer, Technology, Industrials, Healthcare and Financial Services.

Fried Frank acted as counsel to Permira Funds with a team including corporate partner Brian T. Mangino (Picture) and included corporate partners Michael T. Gershberg, Randi Lally, and J. Christian Nahr; antitrust and competition partner Nathaniel L. Asker; executive compensation & ERISA partner Adam Kaminsky; intellectual property and technology partner Amir R. Ghavi; litigation partner Steven M. Witzel; tax partners Alan S. Kaden and Nick Thornton; corporate special counsel Michael Schneider; corporate real estate special counsel Jessica H. Mayes; tax special counsel Will Gay; corporate associates Felycia F. Itza, Thomas C. Katsiotas, Roxanne Lepore, Alison McCormick, Ezra Schneck, and Brian Sullivan; antitrust and competition associate Aleksandr B. Livshits; executive compensation & ERISA associates Maggie A. Kornreich and Samantha Steinfeld Rozell; intellectual property and technology associate Alana Berrocal Rodriguez; litigation associate Shannon N. Doherty; tax associates Thomas Bramall and Shane C. Hoffmann; and corporate law clerk Alyssa Miller.

The Fenwick transaction team included corporate lawyers Doug Cogen, Lynda Twomey, Chris Gorman, Kate Withers, Elena Moreno Cloutier and Christina Zhao; executive compensation and employee benefits lawyers Gerald Audant and Nicholas Frey; technology transactions lawyers Stephen Gillespie, Jonathan Millard, Christopher Joslyn, Joseph Schenck, Julia Arruda and Vanessa Katz; and tax lawyers Andrew Kim and Ora Grinberg.

Involved fees earner: Douglas Cogen – Fenwick & West LLP; Lynda Twomey – Fenwick & West LLP; Christopher Gorman – Fenwick & West LLP; Kate Withers – Fenwick & West LLP; Elena Moreno Cloutier – Fenwick & West LLP; Christina Zhao – Fenwick & West LLP; Gerald Audant – Fenwick & West LLP; Nicholas Frey – Fenwick & West LLP; Stephen Gillespie – Fenwick & West LLP; Jonathan Millard – Fenwick & West LLP; Christopher Joslyn – Fenwick & West LLP; Joseph Schenck – Fenwick & West LLP; Julia Arruda – Fenwick & West LLP; Vanessa Katz – Fenwick & West LLP; Andrew Kim – Fenwick & West LLP; Ora Grinberg – Fenwick & West LLP; Brian Mangino – Fried Frank Harris Shriver & Jacobson; Michael Gershberg – Fried Frank Harris Shriver & Jacobson; Randi Lally – Fried Frank Harris Shriver & Jacobson; Christian Nahr – Fried Frank Harris Shriver & Jacobson; Michael Schneider – Fried Frank Harris Shriver & Jacobson; Felycia Itza – Fried Frank Harris Shriver & Jacobson; Thomas Katsiotas – Fried Frank Harris Shriver & Jacobson; Roxanne Lepore – Fried Frank Harris Shriver & Jacobson; Alison McCormick – Fried Frank Harris Shriver & Jacobson; Ezra Schneck – Fried Frank Harris Shriver & Jacobson; Brian Sullivan – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Aleksandr Livshits – Fried Frank Harris Shriver & Jacobson; Adam Kaminsky – Fried Frank Harris Shriver & Jacobson; Maggie Kornreich – Fried Frank Harris Shriver & Jacobson; Samantha Steinfeld Rozell – Fried Frank Harris Shriver & Jacobson; Amir Ghavi – Fried Frank Harris Shriver & Jacobson; Alana Berrocal Rodriguez – Fried Frank Harris Shriver & Jacobson; Steven Witzel – Fried Frank Harris Shriver & Jacobson; Shannon Doherty – Fried Frank Harris Shriver & Jacobson; Alan Kaden – Fried Frank Harris Shriver & Jacobson; Nick Thornton – Fried Frank Harris Shriver & Jacobson; Thomas Bramall – Fried Frank Harris Shriver & Jacobson; Shane Hoffmann – Fried Frank Harris Shriver & Jacobson; Jessica Mayes – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fenwick & West LLP; Fried Frank Harris Shriver & Jacobson;

Clients: Cisco Systems, Inc.; Permira;

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Author: Ambrogio Visconti